A comparative analysis of leveraged recapitalization versus leveraged buyout as a takeover defense

Two types of defensive scheme—leveraged buyout (LBO) and leveraged recapitalization (LR)—are examined. In particular, this article examines (1) whether the two similar defensive tactics affect stockholder returns differently and (2) what firm attributes are associated with stockholder gains in LBO and LR announcements. This study finds that stocks of both LBO and LR firms, on average, exhibit significant positive abnormal returns during the announcement period, but that the latter experience substantially smaller returns than the former. This study further finds that while mitigation of agency problems associated with a firm's free cash flow is present for both LR and LBO firms, it is more pronounced for the LBO firms. These results provide evidence that a firm with higher free cash flow could benefit a greater reduction of agency costs by going private through a LBO plan than by remaining public through a LR plan.     

The greening of industry: needs of the field

This article takes stock of some of the advances research on the greening of industry has made over the last decade and sets out an agenda for the next one. Obviously, a thorough review of all of the work on the greening of industry is outside the scope of this article. Instead we will only outline the evolution of the field and focus on the area of inquiry situated at the centre of greening of industry studies: the determinants and consequences of greening. These two questions were the focus of some of the first greening of industry studies and a multitude of works, especially on the determinants of greening, subsequently has identified numerous important insights. Yet, this area of inquiry also exemplifies major weaknesses within research in data on the greening of industry. Progress in our understanding of greening has been hampered by a lack of theoretical and methodological rigour. This article points out the resulting gaps in the scientific analysis of greening and lays out research necessary to improve our understanding of its causes and consequences. © 1998 John Wiley & Sons, Ltd and ERP Environment.     

New Product Development in Rapidly Changing Markets: An Exploratory Study

Rapid technological change can be both a blessing and a curse. For example, investors and firms of all sizes hope to reap the rewards that may arise from the apparent convergence of the computer, telecommunications, and entertainment industries. With the high level of uncertainty inherent to such rapidly changing markets, however, those potentially dazzling returns are counterbalanced by a daunting level of risk. John Mullins and Daniel Sutherland suggest that firms operating in such markets require NPD practices that can mitigate risk, manage uncertainty, and, of course, increase the likelihood of new product success. To gain insight into the NPD practices that can meet those challenges, they conducted in-depth interviews with managers who were directly involved in NPD projects at US WEST, Inc., a large, multinational firm in the telecommunications industry. The study focused on identifying practices that help the firm bring new products into rapidly changing markets quickly, efficiently, and effectively. A key objective of their study was to go beyond the basics—for example, the use of cross-functional teams—to identify specific practices that allow the firm to address the various levels of uncertainty that characterize its markets. They identify three levels of uncertainty that confront firms operating in rapidly changing markets. First, potential customers cannot easily articulate needs that a new technology may fulfill. Consequently, NPD managers are uncertain about the market opportunities that a new technology offers. Second, NPD managers are uncertain about how to turn the new technologies into products that meet customer needs. This uncertainty arises, not only from customers' inability to articulate their needs, but also from managers' difficulties in translating technological advancements into product features and benefits. Finally, senior management faces uncertainty about how much capital to invest in pursuit of rapidly changing markets as well as when to invest. The study identifies six practices that help the firm address the uncertainty and risk inherent in its rapidly changing markets. For example, market research in this firm's NPD process focuses more on probing than it does on measuring. Involvement of prospective customers in idea generation and the use of prototypes early in the NPD process help the firm uncover customer needs and market opportunities. Large-scale, quantitative market research focuses primarily on determining market size and price points.     

Long-term consequences of short-term precipitation shocks: evidence from Brazilian migrant households

We find that large short-term precipitation shocks damage the long-term income of households that have permanently migrated from rural to urban areas. This outcome is consistent with the behavior of credit-constrained rural households who are willing to accept lower long-term income in urban areas following the depletion of their productive assets during an adverse shock. Our empirical evidence suggests that there may be a link between large precipitation shocks in rural areas and urban poverty. Further exploration is warranted on the mechanisms by which natural disasters cause these long-term losses.     

Arbeiten 4.0 — Folgen der Digitalisierung für die Arbeitswelt

Digitalisation will not only lead to the disappearance of jobs, the creation of new jobs and changing skill requirements in many existing jobs. It also leads to fundamental challenges for existing qualification systems as well as labour law and labour relations. New digital technologies pervasively change the content and organisation of work. They may have an impact on the actual weekly working time hours and the adoption of self-managed working time systems. The consequences, however, may differ for each worker. Accordingly, economic and policy conclusions cannot be derived for the labour market as a whole. Workers‘qualifications need not only to be adapted to changing occupational tasks. Work intensification and increasing communication flows have to be addressed as well. Furthermore, adequate human resources policies can foster the proper use of new flexible work arrangements. Crowdworking as a specific form of flexible work, however, has to be primarily integrated in existing labour legislation. That is one opinion, another author considers the forecasts doomsday prophecies that call for political action or amending the regulative framework. And he suggests that the characteristics of the digital transformation of work may mainly be firm-specific. In a social-scientific perspective there is no deterministic relationship between technology and work but the development of work has to be regarded as a strategic and political design project.     

Successfully Managing the Sociocultural Integration Process in International Acquisitions: A Qualitative Analysis of Canon's Acquisition of Océ

Based on a qualitative research approach that comprises in‐depth, semistructured executive interviews, employee observations, company data and external media accounts, this study analyzes the large‐scale acquisition of the Dutch Océ N.V. by the Japanese Canon Inc. Despite their significantly different national cultural heritages and considerably contrasting organizational cultural practices, both companies were able to efficaciously manage the sociocultural integration process and so successfully completed the acquisition. Building on a marriage metaphor model for sociocultural integration in international mergers and acquisitions, this study sketches out explicit links between national cultural value orientations and the respective organizational cultural practices, and discusses key success factors for each of the three stages of the acquisition process (i.e., preacquisition, closing, and postacquisition stages). This article further examines the interconnectedness of these key success factors across these three stages of the acquisition process by discussing interlocking best practices. In so doing, this study provides a more dynamic and encompassing account of the key factors that determine the success of the sociocultural integration process in international acquisitions. Theoretical and practical implications are discussed. © 2016 Wiley Periodicals, Inc.     

中国农业生产非效率的影响因素分析

本文对影响中国农业生产有效性的因素做了细致的考察。本文所使用的方法包括两个步骤：首先用数据包络法估计农业生产效率指数,第二步使用截尾回归模型及半参数自导法解释生产效率指数的差异。本文运用来自中国大约2000个县级的截面数据进行实证分析,这些数据能够反映出许多与中国农业生产低效率相关的特征。本文发现：首先,工业的发达往往与农业生产的低效率相联系,一种可能的解释是：工业生产所带来的外部性,例如空气和水源的污染会影响农业生产;其次,信贷资金占总收入的比率越高,该地区的农业生产的效率就越低,这一结果可能反映出了过量信贷和信贷门槛偏低的潜在问题;第三,如果一个县的参与农业劳动的劳动力比率较高,那么其农业生产的效率也会较低,因此,促进劳动力从农业部门（不一定是农村）的流出会带来农业效率的提升,这一结果也同时对鼓励农村地区人口的大面积迁徙政策提出了质疑。